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Shiba Inu (SHIB) fell over 10% to ₹0.000513 on Tuesday, despite a 117 million‑token burn on July 8. See why the burn didn’t move the meme coin.
Shiba Inu slumped more than 10% to ₹0.000513 on Tuesday, even after the community burned a record 117 million tokens on July 8, underscoring that supply cuts alone aren’t moving the meme‑coin market【1】.
| At a glance | |
|---|---|
| Price (₹) | 0.000513 |
| 24h Change | –10% |
| Recent Catalyst | 117 million‑token burn (July 8) |
| Market Cap (USD) | $2.52 billion |
The token’s price fell sharply on Tuesday, breaking the ₹0.00055 support level that had held since early June. The decline came as Bitcoin slipped 1.16% and broader crypto markets tumbled over 10% amid reports of tighter Chinese regulation, a backdrop that amplified risk‑off sentiment across meme coins【1】.
The July 8 burn, recorded by Shibburn, saw a Robinhood‑linked wallet send more than 109 million SHIB to a dead address, pushing the daily total above 117 million—the largest single‑day burn in six months【2】. Yet the token’s market capitalization remains around $2.52 billion, and its circulating supply still exceeds 585 trillion tokens, meaning the burn would shave only a fraction of the total supply even if sustained for a year【2】.
Since its launch, Shiba Inu has destroyed roughly 410.84 trillion tokens, largely driven by a historic 410.24 trillion‑token burn by Vitalik Buterin in May 2021, which at the time was valued at about $6.7 billion【2】. The recent July burn adds little to that total and has not altered the token’s price trajectory, which has been confined to a narrow range despite broader crypto rebounds that saw Bitcoin, Ethereum, Cardano and Solana post double‑digit gains【2】.
Analysts note that meme‑coin rallies typically depend on retail inflows rather than supply reductions, and that Shibarium adoption may prove more material for price momentum than token burns alone【2】. The current price sits near $0.0000054, roughly 9% lower than a month ago, reflecting continued weakness across the meme‑coin sector【2】.
The July 8 burn highlights the limits of supply‑side tactics for meme coins; without stronger demand or broader market support, Shiba Inu’s price may remain vulnerable to macro‑crypto trends.
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AI-assisted synthesis by the TrendWatcher Editorial Desk · sourced from 4 outlets · Jul 12, 2026 · How we report
The token rallied 37% over two days, driven by a combination of retail buying and earlier large‑holder activity, though the strongest buying enthusiasm appeared after the main gains had already unfolded.
Futures traders reduced exposure, with open interest falling 21.09% and total derivatives positions decreasing to roughly $43.05 million, indicating many leveraged positions were closed.
After rejecting resistance at $0.00000586, SHIB retreated to support around $0.00000427; RSI cooled to about 55.68 and Parabolic SAR remains below price, suggesting the bullish structure persists but with moderated buying strength.